IIFL Home Finance Gets $100 Million From AIIB
The partnership aims to significantly enhance access to affordable housing finance for economically weaker sections and lower income groups, IIFL Home Finance said.
IIFL Home Finance, a company focused on the affordable housing segment, on Saturday said it has secured a $100 million (about Rs 858 crore) financing from the Asian Infrastructure Investment Bank.
The partnership aims to significantly enhance access to affordable housing finance for economically weaker sections and lower income groups, while also promoting the adoption of green building standards across the housing sector, the company said in a release.
On the demand side, IIFL Home Finance Ltd will extend home loans to families, primarily from EWS and LIG segments, to purchase or construct their own homes in urban and semi-urban locations.
On the supply side, the release said the company will finance affordable housing developers, with a focused thrust on projects that integrate green certification standards, helping reduce the environmental footprint and enhance sustainability.
"This collaboration reinforces the company's mission to provide accessible, responsible, and climate conscious housing finance," it said.
The proceeds from AIIB will also support IIFL HFL's green housing portfolio, furthering its commitment to sustainable urban development aligned with India's climate goals.
"The funding from AIIB marks a significant step in our journey to expand homeownership opportunities for underserved families across the country," Monu Ratra, ED and CEO, IIFL HFL said.
Gregory Liu, director general of AIIB's Financial Institutions and Funds Clients Department, Global said that by partnering with IIFL HFL, AIIB is helping advance India's green building agenda, while bridging the housing gap for low-income families in India.
The investment comes at a pivotal time, aligning with the ongoing implementation of Pradhan Mantri Awas Yojana Urban, which seeks to address urban housing shortages across India, the release said.
Operating through a wide network of 376 branches across 18 states, IIFL HFL focuses on underserved and emerging geographies, including the suburbs of Tier 1 cities and Tier 2 to Tier 4 towns.
